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What is, then, the best monetary policy? Mises argues that “A metallic money, the augmentation or diminution of the quantity of metal available for which is independent of deliberate human intervention, is becoming the modern monetary ideal.” He adds: “The significance of...

The publication of Ludwig von Mises’s Theorie des Geldes und der Umlaufsmittel in 1912 marks a turning point in the history of economics, and of the Austrian School in particular. Mises contributed a great many original and penetrating arguments, each of which he articulated at its proper...